Mortgages - Ireland - December 2011
The impact of the housing market crash in Ireland is still having an effect on the mortgage market, with consumers less willing to take out a mortgage and banks less willing to lend. This has led to a steep slump in the value of the mortgage market.
The number of Irish mortgages in arrears has increased in 2011, and the uncertainty in the eurozone is likely to continue to hamper any kind of recovery in the market. This report examines the current state of the market and assesses how current conditions may improve or deteriorate.
Some key questions answered in the report include:
- How has consumer demand changed since the housing crash? – Are consumers still shying away from mortgages, or has the market recovered at all? Are financial institutions still unwilling to lend?
- How are poor economic conditions and employment prospects impacting upon the mortgage market? – Has high unemployment pushed up the number of repossessions? What measures are being taken to prevent more consumers falling into arrears?
- What is the most common type of mortgage owned? – Has the recession changed the uptake of fixed mortgages versus variable and tracker rate mortgages?
- How has the housing market crash impacted upon banks? – How have the troubles faced by the mortgage market impacted upon the profitability of banks? Has it also affected their brand image?
- Has the slowdown in the market prompted new innovation? – In what ways are financial institutions combating the tougher conditions in the market?
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